Natwest is set to close 259 branches nationwide as part of cost-cutting measures and in response to changes in how customers bank.

Earlier this morning (December 1), Royal Bank of Scotland announced it is set to close 259 branches resulting in 680 job losses after the state-backed lender said more people are choosing to bank online or on mobile.

"As customers continue to change the way they bank with us, we must change the way we serve them, so we are investing in our more popular branches and shaping our network, replacing traditional bricks and mortar branches with alternative ways to bank, including; community bankers, mobile bank on wheels, and Post Offices, so that we can reach even more customers.

"We expect these branch closures to result in around 680 redundancies. We realise this is difficult news for our colleagues and we are doing everything we can to support those affected. We will ensure compulsory redundancies are kept to an absolute minimum".